Midwest is sold to TPG

[CitationLover]

Now you've gone too far...

GO Blue!

hail to those mother f@#$ers
hail to those c@#k s@#$ers
hail, hail to ......

 

[Kharma Police]

No, no, you've got it all wrong. The SEC rules and the Big Ten sucks. :beer:

SEC baby!!!!!

 

[Schwanker]

Sounds like a bunch of cheerleaders on this board.
I guess that's better than kool-aide drinkers.

Schwanker

 

[Kharma Police]

Sounds like a bunch of cheerleaders on this board.
I guess that's better than kool-aide drinkers.

Schwanker

SEC!!!!!!!

 

[Jetjockey]

What does the Securities Exchange Commission have to do with all this?

 

[SkiFishFly]

hail to those mother f@#$ers
hail to those c@#k s@#$ers
hail, hail to ......

I'll wager you one cold Old Milwaukee that Michigan beats Wisconsin this year...

 

[Flydaplane]

Does anyone know how the board voted unanimously in favor of TPG if Airtrans well publicized plants were on the board. Did Tim offer them a better deal? A chunck of stock when it goes public again? I'd be interested to hear the conversation between Joe's "plants" and Joe now. Too bad this merger didn't happen.

 

[IdRtherBsailing]

Does anyone know how the board voted unanimously in favor of TPG if Airtrans well publicized plants were on the board. Did Tim offer them a better deal? A chunck of stock when it goes public again? I'd be interested to hear the conversation between Joe's "plants" and Joe now. Too bad this merger didn't happen.

I do believe the vote was unanimous. Remember even if they were plants but they did have a responsibility to the shareholders. If AirTran upped their offer they would probably be all over that. They had to choose the best deal for the shareholders or it would look kinda fishy. Maybe even charges filed.

 

[CitationLover]

I'll wager you one cold Old Milwaukee that Michigan beats Wisconsin this year...

wisconsin sucks too! that game is an asteroid game, ie let the asteroid hit the stadium. michigan grads seem to be the cockiest sob's, even more so than ivy leaguers. must be the ann arbor water.

a purdue fan, yeah we suck i know.

 

[deadstick]

Did anybody hear about this in April?


Wolf Haldenstein Adler Freeman & Herz LLP Announcement on Behalf of Midwest Shareholders
Thursday August 23, 4:54 pm ET


NEW YORK--(BUSINESS WIRE)--On April 12, 2007, Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") filed a class action complaint in the United States District Court for the Eastern District of Wisconsin styled Market Street Securities v. Midwest Air Group, Inc. et al., Case No. 07-00345. The action was filed on behalf of all shareholders of Midwest Air Group, Inc. ("Midwest" or "Company") (AMEX:MEH - News) adversely affected by defendants' conduct in response to the numerous proposals made by AirTran Holdings, Inc. ("AirTran") to acquire Midwest. The Complaint alleged (among other claims) breaches of fiduciary duties by Midwest and its Board: (i) concerning their duties to take steps to maximize Midwest's value for its shareholders; and (ii) alleging that Midwest's refusal to enter into any negotiations with AirTran was unreasonable.


On July 16, 2007, in the face of plaintiff's motion for a preliminary injunction to set aside Midwest's "poison pill" and negotiate with AirTran and other potential buyers, Midwest reversed its long-standing policy and allowed AirTran to present its buyout proposal directly to Midwest's Board of Directors. Two weeks later, Midwest announced that its Board of Directors formed a committee to review strategic alternatives, including AirTran's offer. Midwest's announcement was made only one week after plaintiff moved for an expedited hearing and scheduling order concerning its motions. On August 16, 2007, Midwest announced that it signed a definitive merger agreement to be acquired by an affiliate of TPG Capital, L.P. in a transaction valued at approximately $450 million. Midwest announced that the merger agreement was unanimously approved by its Board of Directors. Pursuant to the terms of the agreement, each outstanding share of Midwest's common stock will be converted into the right to receive $17 per share in cash.

On behalf of Midwest shareholders, Wolf Haldenstein is pleased that Midwest has ultimately complied with its fiduciary duties to: (i) negotiate with potential purchasers of the Company; and (ii) maximize shareholder value by entering into the merger agreement with TPG Capital. Wolf Haldenstein is also pleased that its repeated and tireless efforts on behalf of Midwest shareholders prompted Midwest to comply with its fiduciary duties. Midwest and its Board of Directors should be commended for recognizing the merits of plaintiff's complaint and taking the appropriate steps to address plaintiff's allegations by: (i) meeting with AirTran; (ii) forming a special committee to consider strategic alternatives; and (iii) entering into the merger agreement with TPG Capital.